Durst Organization Unveils Renovation Plan for Midtown Manhattan Office Tower

Durst Organization Unveils Renovation Plan for Midtown Manhattan Office Tower

Durst Organization has announced a comprehensive capital improvement program for 114 West 47th Street, a 26-story office property located in Midtown Manhattan. The initiative aims to modernize the 600,000-square-foot asset by 2029, featuring upgrades to the lobby, elevator systems, and building mechanicals, including new chillers.

The redevelopment plan includes the addition of high-quality tenant amenities and private terraces across seven floors. The redesign emphasizes natural light and will feature ceiling heights ranging from 12 to 14 feet. Floor plates will span between 18,000 and 32,000 square feet, catering to various office layouts. The lobby will be expanded to include a tenant lounge and conferencing center covering approximately 2,500 square feet.

This strategic overhaul follows a series of ownership changes regarding the building’s primary tenant. Historically occupied by U.S. Trust, the space later transitioned through Charles Schwab and Merrill Lynch before being acquired by Bank of America. With Bank of America’s lease set to expire in early 2028, Durst is preparing to bring the majority of the building to the leasing market. The property currently houses four office tenants and one retail tenant, all of whom are expected to remain in place during the renovation process.

In the broader real estate services market, firms like CBRE Group, Inc. continue to operate across advisory services and building operations. As of the latest market check, CBRE was trading at $147.05, reflecting a decline of 1.57% from the previous close.

What to watch

• Completion of the lobby and amenity renovations by 2029.
• Leasing activity following the expiration of Bank of America’s lease in early 2028.
• Impact of new terraces and building system upgrades on tenant retention.

Source: original release